Published 6 months ago
While transferring money within Malaysia is fairly easy, the transfer process overseas can be complicated and expensive. Don’t fret! Just keep these three things in mind when you make your next cross-border payment.
First things first ☝️
1. Pay attention to transfer fees and how they are calculated. 🖩
They can take the form of fixed or variable fees. Fixed transaction fees use a flat rate no matter how much money you transfer, be it RM300 or RM1000. Other transaction fees are calculated as a percentage of the money you transfer (e.g. 4% of RM300 or RM1000). Variable fees refer to rates that change based on how much money you transfer. Generally, you will save more when you transfer more.
2. Review the exchange rate applied. 👓
When you send money outside of Malaysia, you will need to convert Ringgit into the foreign currency of the country you're sending money to. While the transfer cost is usually placed upfront, it can be difficult to find the exact exchange rate being used. This sometimes results in unwanted hidden costs. While overseas money transfers may advertise ‘zero fees,’ they can often use unfavourable exchange rates, resulting in more expensive transfers than you expect.
3. Check how long it takes to send money overseas. 🕰️
Sometimes it's instant, sometimes it can take up to a few days. It depends on two factors:
Where you're sending money to
Method of transfer
BigPay has made it fast, simple and transparent for you to transfer money overseas from your app. You can transfer money from your BigPay account directly to bank accounts in Singapore, Thailand, the Philippines, Indonesia, India, Nepal, and Bangladesh.
Click here for more details on transfer times by country.
Using BigPay is easy and transparent
Just choose your destination country and key in the recipient's bank details in your BigPay app. We’ll show you the exact fees to be paid and the exchange rate used. No hidden fees or complicated maths. If you are happy with the rates, all you have to do is pay for your transfer and it’s done!
A seasoned, full-stack marketer with 7 years of experience in the beautiful world of digital marketing who has a love for writing.
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You may be wondering, what on earth does this mean?! 😵💫
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